Graduation has passed, and many students, young adults and families of all ages may be looking for a new place to call home this Fall and Winter season. For many renters, renter insurance is not exactly a top priority on their list of "To Do's", however, the price for a simple Renter's Insurance policy is extremely affordable and can certainly protect a renter from losing their belongings in an accident or claim. In this post we list 5 reasons all renters should have a renters insurance policy in place.

Your personal property isn't covered by Your Landlord

The landlord’s policy covers the building; and only covers the renter in event that there is a flood, fire, an outage that causes personal property damage.

Renters need liability coverage

Liability protection is a financial protection if personal injuries affects your neighbors or guests. For example, your pet attacks and bites them you could be endanger of a liability lawsuit.

High Replacement Cost

Renters Insurance provides an opportunity for you to replace your belongings if they were damaged in a fire or flood, without being in financial stress.

It's very unexpensive

Most policies are made to fit a person’s tight budget. You only should pay for what your property is at risk; for example, a person not located in a flood zone would have a lower premium simply due to their location and lower risks of experiencing a flood as they would not require flood insurance

Replacement Cost payoffs give more payoff for your $

In the event of a damage, loss or theft, the insurance company would most likely pay the property value. Because personal property diminishes in value overtime, this could leave you with a much smaller budget than anticipated to replace the value of your personal belongings, hence a policy that provides replacement cost for your items will replace the cost of personal belongings. Which is ultimately more payoff for your belongings than policies that provide actual cost of your items in their current shape before the accident occurred.